CAIRO - 6 August 2023: Minister of Trade and Industry Ahmed Samir held a series of meetings with major Turkish companies to discuss investment opportunities in the Egyptian market. This came during the minister’s visit to turkey from August 1 to August 3.
Samir held a meeting with Turkey’s largest state-owned bank, Ziraat Bank, to discuss potential investment in Egypt, with the bank saying it is looking to launch commercial operations as well as to invest in local projects. The bank is very keen to be present in the Egyptian market.
Turkish companies Vestel and Zorlu will carry out a visit to Egypt soon to discuss plans to build a home appliances factory with investments exceeding $70 million in an initial phase, representatives from the two companies told Samir during the meeting.
Samir also met with Milat Carpet, who is planning a visit to explore the possibility of building a furniture factory in Damietta. This is in addition to convening with Berdan Civata.
A statement issued by the ministry also said that KOC Holding has plans to establish a factory for automotive feeder industries, a car manufacturing plant, and a medical products plant. KOC is also considering renewable energy and wind projects in the Suez Canal Economic Zone (SCZone) and yacht marinas, among other projects.
The companies’ keenness to invest in Egypt reflects the large volume of trade exchange between both countries, which exceeded $10 billion in commodity and petroleum products in 2022.
The trade and industry minister was visiting Turkey for the first time in 10 years. Egypt aims to develop and enhance trade relations and increase trade volume between the two countries to $15 billion over the next 5 years.
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